Unlocking Profit with Low Margin Suppliers on Amazon: 3 Steps by Sofia Tellez from ALGO Online Retail
Are you struggling to turn a profit on Amazon despite having access to authorized brand name suppliers for Amazon? Sofia Tellez, a seasoned Amazon seller from ALGO Online Retail, shares valuable insights on how to make the most of low-margin suppliers and build a lasting relationship with them. In this post, we'll explore the three key steps she recommends for success.
Step 1: Make Purchases from Them
The first step in establishing a profitable relationship with low-margin suppliers is to make purchases from them, even if the initial profits are minimal. According to Sofia, this demonstrates to the supplier that you are a serious buyer. Many suppliers, especially popular authorized ones, are inundated with inquiries from newbie sellers daily. By making purchases, you set yourself apart from the tire kickers and begin to establish trust.
Step 2: Be Easy to Work With
Being easy to work with is crucial when dealing with suppliers. This involves paying them on time, understanding the shipping process, and knowing what information to provide. Sofia emphasizes the importance of being a reliable and efficient partner. By demonstrating professionalism in your transactions, you increase the likelihood of the supplier offering you better pricing and exclusive deals.
Step 3: Negotiate Better Pricing
After building a rapport through repeated purchases and showcasing your reliability, it's time to negotiate better pricing. Sofia suggests starting with a direct request for improved pricing on specific products. Don't be afraid to be straightforward about your budget constraints. Additionally, as a bonus tip, inquire about new customer discounts that the supplier may offer. Negotiation is a skill that can significantly impact your profit margins on Amazon.
Building a successful relationship with low-margin suppliers on Amazon is not an overnight process. Sofia Tellez advises sellers to take action, make consistent purchases, and negotiate effectively to unlock better pricing. It's all about demonstrating your commitment and reliability as a customer. If you're interested in learning more about starting and growing your Amazon business, Sofia invites you to join her free live workshop. CLICK HERE to register and gain valuable insights into the world of Amazon selling.